PEZA taps Citibank to strengthen investment promotion efforts

The Philippine Economic Zone Authority (PEZA) has partnered with Citibank Philippines to further promote the country as a competitive investment hub, particularly through its network of economic zones.

In a statement, the agency said it signed a memorandum of understanding last week with the local unit of the American banking group, naming Citibank as its newest investment promotion partner.

PEZA Director General Tereso Panga said the partnership will help attract quality foreign capital by leveraging Citibank’s international network and financial expertise. “We are confident this partnership will help attract more quality investments into PEZA ecozones and position the Philippines as a rising economic powerhouse in Asia,” Panga said.

Under the agreement, Citibank committed to promoting the Philippines as a priority investment destination and encouraging its global stakeholders to explore opportunities in ecozones. The bank operates in more than 180 countries and is recognized for its expertise in banking and wealth management, which PEZA described as valuable in its mission to foster innovation, create jobs, and drive inclusive growth.

The partnership follows similar arrangements with other foreign and local banks, including Taiwan’s Cathay United Bank, Rizal Commercial Banking Corp., Mizuho Bank, CTBC Bank, Sumitomo Mitsui Banking Corp., and HSBC.

From January to August, PEZA approved P105.83 billion in investment pledges, 72 percent higher than the P61.69 billion recorded during the same period in 2024. The agency said the approvals already represent 42 percent of its P235-billion target for the year.